Managing your own rental properties can be a challenging endeavor.  Sometime things go well, your tenant are paying rent and things are going smooth.  Often not. Tenants can fall into hardship and stop paying rent. Tenants pay rent and expect you to respond fast, take care of maintenance and repair issues fast, upgrade the property and appliances and respond immediately any hour of the day. If you’re new to owning rental properties, it is daunting to stay abreast of tenant protection, housing standards, and rent protection laws.

If you are living too far away from your properties to effectively manage them, or simply not having enough time to do so due to other obligations, you will soon run into a bind that can steal your free time and rack up stress. Your property manager will maximize rents, reduce vacancy time, and maintain your property that will compensate for any fees.

Property Management fees are typically half of what you tip your waiter and 10 times less that the mark up on a bottle of wine.  Professional property management companies have the knowledge, expertise and full time staff to handle all these issues. Many real estate agents will be glad to manage your rental ‘on the side’ for the regular income, but they focus on listings and sales that get priority and are not up to date with the changing laws.

If you find yourself overwhelmed with the responsibilities of managing multiple rental properties on your own, it may be time to delegate some tasks to a reliable property management team.  In any of these cases, hiring a property manager can be a wise investment.